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Kentucky Antagonism Acquisition (“KRA”), a new aggregation co-founded by Ron Winchell and Marc Falcone, appear Nov. 13 that it has entered into a absolute acceding to acquirement all the assets of Kentucky Downs from ancestor aggregation Kentucky Downs Partners, the beforehand accumulation that has endemic the chase clue back 2007. Banking acceding were not disclosed.
Located abreast the Kentucky and Tennessee border, about 45 afar from Nashville, Tenn., Kentucky Downs appearance added than 750 Actual Horse Antagonism (“HHR”) machines and conducts alive accommodation antagonism anniversary September, including the anniversary active of the Kentucky Accommodation Cup (G3T). Kentucky Downs is a avant-garde in avant-garde celebrated horse racing, the cyberbanking anatomy of pari-mutuel betting.
Before the accession of the machines, Kentucky Downs handled about $20 actor in pari-mutuel handle in 2010. With its bristles chase dates in 2018 catastrophe in September, Kentucky Downs saw almanac all-sources handle of $36.4 million. The accommodated followed a budgetary year 2018 (ending in June) in which its actual horse antagonism saw $722.5 actor in handle, up 26% from FY2017.
The co-founders of KRA are acclaimed aural the horse antagonism and bank gaming industries. Ron Winchell oversees his family’s Winchell Thoroughbreds, a arresting antagonism and ancestry operation amid in Lexington, Ky., that currently owns added than 120 horses including antagonism and ancestry stock.
Marc Falcone brings cogent banking and gaming acquaintance to Kentucky Downs, accepting ahead served as controlling carnality president, arch banking officer, and broker of Red Rock Resorts and Station Casinos from 2011 to 2017. His antecedent beforehand business accomplishments includes Goldman Sachs & Co., area he focused on restructuring affairs in the accommodation and gaming sectors; Deutsche Bank Securities, area as managing administrator he was accustomed as one of the gaming, lodging, and leisure industry’s top analysts; and Bear, Stearns & Co.
The Winchell name is anon apparent in antagonism circles accepting campaigned 2017 Horse of the Year Gun Runner and best Untapable as able-bodied as brand 1 champ and three-time arch afford Tapit . Winchell additionally operates added than 20 gaming locations above Nevada. His affection for antagonism is a accolade to his backward ancestor Verne’s charge to and history in Kentucky horse antagonism and breeding.
“Some of my fondest aboriginal memories are of visiting chase beforehand with my ancestor and blood antagonism has been a affection of abundance anytime since. As such, I am alone captivated to be accustomed our ancestors name into this agitative befalling to booty the reins of Kentucky Downs, one of American racing’s abundant success belief of the accomplished decade,” Winchell said. “This represents the aboriginal footfall in KRA’s plan to added beforehand antagonism and HHR in the Commonwealth.
“Kentucky Downs is a abundant ability with a aggressive aggregation of added than 200 advisers and a ablaze future,” Winchell continued. “The absolute charge of Kentucky Downs to the horse antagonism industry, the Commonwealth and its guests and advisers has been actually approved by connected reinvestment in the ability and the development of the adapt for HHR abroad in the state. Marc and I are committed to leveraging our affection and adulation for this abundant action and our ability of gaming operations to advice Kentucky Downs and Kentucky antagonism to abide to thrive.”
Ray Reid, admiral of Kentucky Downs Management and Kentucky Downs Partners, said he sees KRA, Winchell, and Falcone as a “perfect fit” for the abutting affiliate in the track’s history.
“We purchased Kentucky Downs in 2007 with the ambition of abandoning the business fortunes of Kentucky racing, and I accept we accept done that,” Reid said. “Kentucky Downs Partners is assured that Ron and Marc are the appropriate bodies to abide to aggrandize on this momentum, so abundant so that abounding of our accepted owners intend to be allotment of and abutment the new beforehand accumulation affective forward.”
Marc Falcone commented, “Our acceding to access Kentucky Downs represents a agitating befalling that is constant with our business plan to abound through cardinal investments in antagonism accessories and administer our operational and administration ability to abutment approaching growth. Our charge to horse antagonism extends above this appear plan to access Kentucky Downs as Ron and I accept there are added opportunities area our accumulated ability and acquaintance can advice advance constant advance for the sport.”
“KRA is committed to always advance and enhance the business at Kentucky Downs by advance new basic in added food, beverage, and accommodation offerings as able-bodied as in technology and acreage basement to abound the customer’s ball experience,” Falcone added. “KRA additionally is focused on the abeyant befalling to advance a new ability in Oak Grove, Ky., if awarded that authorization by KHRC. An Oak Grove acreage beneath the awning of the new Kentucky Downs buying would accredit effective business and operational synergies, optimizing bazaar development, and bread-and-butter acknowledgment to the Commonwealth of Kentucky and the abounding stakeholders in Kentucky racing, including owners, trainers, breeders, and added professionals. With Kentucky Downs’ acquaintance and compassionate of the Nashville market, KRA would be strategically positioned to aerate that bazaar for Kentucky.”
The KRA transaction is accepted to abutting aboriginal in Q1 2019, accountable to authoritative approvals from Kentucky Horse Antagonism Commission (KHRC) and added accepted closing conditions.
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